Adobe’s (ADBE) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Adobe (NASDAQ:ADBE) in a report issued on Friday morning, Benzinga reports. The firm currently has a $635.00 target price on the software company’s stock.

Several other research analysts have also issued reports on ADBE. TD Cowen lowered their price target on shares of Adobe from $640.00 to $625.00 and set a buy rating for the company in a report on Monday, June 10th. Oppenheimer boosted their target price on shares of Adobe from $580.00 to $625.00 and gave the company an outperform rating in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an outperform rating and set a $600.00 price target on shares of Adobe in a research report on Thursday, August 1st. StockNews.com lowered Adobe from a buy rating to a hold rating in a research report on Friday, August 23rd. Finally, Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the company a neutral rating in a research report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of Moderate Buy and an average target price of $606.58.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $521.50 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a market cap of $231.23 billion, a PE ratio of 46.86, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm’s fifty day moving average is $552.68 and its 200-day moving average is $519.46.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts predict that Adobe will post 14.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold 27,259 shares of company stock valued at $14,855,543 in the last three months. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter worth $33,000. Lynx Investment Advisory purchased a new stake in Adobe in the 2nd quarter worth about $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe in the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.